$ETH 🔥 Ethereum Tests Crucial Level — Is a Breakdown About to Hit? #Market_Update
Ethereum dropped after failing to break $2,680. ETH is consolidating losses and might lose further below $2,500.
Ethereum fell again below $2,620.
The price is below $2,550 and the 100-hour SMA.
The hourly ETH/USD chart broke below a positive trend line with support around $2,540.
If it remains over $2,500, the pair may rise again.
Ethereum Drops Again
Ethereum, like Bitcoin, failed to get beyond $2,680 and fell. ETH fell below $2,620 and $2,600.
Bears drove the price below $2,600. Additionally, ETH/USD's hourly chart broke below a bullish trend line with support around $2,540. After testing $2,450, the pair began consolidating.
The 23.6% Fib retracement level of the decline from the $2,679 swing high to the $2,455 low was slightly exceeded. Ethereum has fallen below $2,550 and the 100-hour SMA.
Price may find resistance at $2,540 on the upside. Near $2,565 is the next major resistance. It is around the 50% Fib retracement of the $2,679 swing high to $2,455 low decline. Near $2,620 is the first substantial resistance.
A clean break over $2,620 might push the price above $2,680. Above $2,680 barrier might lead to greater advances in the following sessions. Ether may soar to $2,800 or $2,880 soon.
More #ETH losses?
Ethereum may fall again if it fails to break $2,540. Initial negative support is approximately $2,500. First significant support is around $2,450.
A decisive break below $2,450 might bring the price around $2,320. More losses might push the price toward $2,240. Next important support is $2,150.
Tech Indicators
ETH/USD hourly MACD is losing momentum in the negative zone.
Hourly RSI: ETH/USD is below 50.
Major Support—$2,450
Major Resistance: $2,540.
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